To commemorate the UAE's 50th anniversary, the country enacted a series of important legislative amendments to consolidate the country's status as global trade and economic centre. The issuing of Federal Law by Decree No. 32 of 2021 on Commercial Companies ("New Law"), which went into effect on 2 January 2022, is one of these revisions. In addition, 2021 repealed the preexisting Commercial Companies Law, being Federal Law No. 2 of 2015 ("Old Law").
This is a practical step toward improving the United Arab Emirates' competitiveness in the context of economic development, demonstrating to the rest of the world the country's ability to keep up with international standards and best practices, thereby stimulating existing businesses and attracting new investments.
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